CEO tells staff bank cannot afford 'luxury'.
Bloomberg News reports that the bank’s securities and derivatives trading businesses cannot continue to soak up so much of the bank’s balance sheet, Cryan said in a letter to employees on Wednesday, his first day on the job.
'We cannot afford that luxury', Cryan said. 'Reducing this reliance should not place us at a competitive disadvantage as the market has anyway already moved in that direction'.
Cryan, 54, replaces outgoing co-CEO Anshu Jain, and will take over as sole CEO when his counterpart, Juergen Fitschen, steps down in May next year. Germany’s biggest bank is seeking to restore profitability by cutting costs and exiting businesses, objectives laid out by Jain and Fitschen in April, which Cryan said he will continue to pursue.
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